Dissolve gelatin in cold water; set aside.
Beat egg yolks and sugar in a small mixing bowl until thick and lemon colored. Add dissolved gelatin, sherry, and almond extract; mix well.
Heat milk in a saucepan over medium heat until hot. Remove from heat; cool slightly. Add yolk mixture, stirring until well blended. Cool.
Beat egg whites (at room temperature) until stiff peaks form. Fold into cooled milk mixture, stirring until well blended. Pour filling into piecrust, and chill thoroughly. Garnish with whipped cream and toasted almonds.